USD/CNH may rise 96 - 128 pips

7.2612 is our pivot point.

Our preference

Our next up target stands at 7.2840.

Alternative scenario

The downside breakout of 7.2612 would call for 7.2559 and 7.2527.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2691 and 7.2702).

Supports and resistances

7.2903 **

7.2872 *

7.2840 **

7.2808

7.2712 last

7.2633

7.2612 **

7.2559 *

7.2527 **

Number of asterisks represents the strength of support and resistance levels.